Convergys Corporation (CVG) Releases Quarterly Earnings Results
Convergys Corporation (NYSE:CVG) released its quarterly earnings results on Tuesday. The business services provider reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.07, Bloomberg Earnings reports. Convergys Corporation had a net margin of 4.67% and a return on equity of 14.24%. The company had revenue of $686.80 million for the quarter, compared to analysts’ expectations of $687.91 million. During the same period last year, the company earned $0.41 EPS. The firm’s revenue for the quarter was down .8% compared to the same quarter last year.
Shares of Convergys Corporation (CVG) traded down 0.76% on Tuesday, hitting $23.39. 884,536 shares of the stock traded hands. The company’s 50 day moving average is $23.99 and its 200 day moving average is $23.34. Convergys Corporation has a one year low of $20.15 and a one year high of $30.92. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 17.38 and a beta of 1.04.
CVG has been the topic of several analyst reports. Zacks Investment Research cut shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. ValuEngine cut shares of Convergys Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. TheStreet raised shares of Convergys Corporation from a “c+” rating to a “b-” rating in a research note on Tuesday, May 23rd. Finally, BidaskClub cut shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Convergys Corporation presently has a consensus rating of “Hold” and an average price target of $31.50.
In other Convergys Corporation news, Director Jeffrey H. Fox sold 10,000 shares of Convergys Corporation stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $24.84, for a total transaction of $248,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Taylor C. Greenwald sold 6,412 shares of Convergys Corporation stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $24.24, for a total value of $155,426.88. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Flinton Capital Management LLC boosted its position in Convergys Corporation by 7.2% in the first quarter. Flinton Capital Management LLC now owns 4,984 shares of the business services provider’s stock valued at $106,000 after buying an additional 336 shares during the period. Neuburgh Advisers LLC boosted its position in Convergys Corporation by 7.2% in the first quarter. Neuburgh Advisers LLC now owns 6,052 shares of the business services provider’s stock valued at $128,000 after buying an additional 408 shares during the period. Victory Capital Management Inc. boosted its position in Convergys Corporation by 53.9% in the first quarter. Victory Capital Management Inc. now owns 6,373 shares of the business services provider’s stock valued at $135,000 after buying an additional 2,233 shares during the period. Bartlett & Co. LLC boosted its position in Convergys Corporation by 19.8% in the first quarter. Bartlett & Co. LLC now owns 6,612 shares of the business services provider’s stock valued at $140,000 after buying an additional 1,093 shares during the period. Finally, LS Investment Advisors LLC boosted its position in Convergys Corporation by 17.8% in the second quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock valued at $177,000 after buying an additional 1,125 shares during the period. 99.32% of the stock is currently owned by institutional investors.
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About Convergys Corporation
Convergys Corporation is engaged in customer experience outsourcing. The Company’s geographical segments include North America and Rest of World. The Company offers services across industries, including communications and media, technology, financial services, retail, government and healthcare. The Company helps businesses to create customer experiences across multiple interaction channels, such as voice, chat, e-mail and interactive voice response.
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